The world of business will always be a constant stream of ebbs and flows. Even if you have a product or service that appears to be loved by your loyal following, there will come a time when you hit a wall with sales and start to experience stagnation or a dip.
Instead of panicking, consider the proactive approach and alternative strategies that can counteract those dismal sales projections and inject new life into your revenue stream. Check out these six strategies aimed at rightsizing your sales figures.
1. Track your time. Evaluate what you've been doing and where you can refocus your energy. Sales and marketing efforts need ongoing attention. When you are distracted by routine office tasks or daily non-revenue building projects, your sales and marketing are going to suffer. Use a time tracker to determine how your time is consumed each day, taking some of it back and putting it toward new strategies and customer relationship activities.
2. Personalize the customer experience and relationship. Customers take notice of a memorable experience with them. Take the time to understand what customers want and what makes them tick. Use your database of customers to reach out to them with personalized communication like a birthday card or email or text. Use this to thank them for their business, possibly offering some type of coupon or promotion on the products or services you see they have purchased previously. It may feel like a lot of work initially, but creating customized experiences can help the relationship flourish with just a little extra effort.
3. Study your SEO practices. By taking a closer look, you can gain some perspective and see what you can improve. Look for other areas on your website where you can optimize your SEO, such as tailoring product descriptions rather than using boring old templates, and optimizing social media content. Make sure your keywords are listed in titles, meta descriptions, and the URL and add relevant alt tags to any images on your website. Be sure to stay current and adhere to the latest search engine guidelines to maintain your ranking.
4. Invest in social media advertising. While you may have done quite well without having to pay for online marketing, now is the time to consider testing some social media advertising to shake up those stagnant sales. Look to see how Facebook, Instagram, and Snapchat can provide additional access to your target audience through demographic targeting and an engaging presence. Paid social ads are a way to get instant awareness and get in front of those that may be interested in what you have to offer but didn’t know you existed until now.
5. Monitor online conversation. Social conversations can impact your brand in both good or bad ways. While buzz can drive higher sales, negative voices and reviews can turn people off your brand, especially if you don’t address these comments. One way to ensure that bad social press is not impacting your sales is to use a reputation alert tool like Google Alerts, Social Mention, and Hootsuite among others so you can find where and what is being said and then reply to those comments. By replying you can turn that negative comment into a positive experience. Plus, others can see that you are trying to alleviate any bad experiences, which can also help you to win back those sales.
6. Create a thought leadership program. With the extra time you have gained from streamlining day-to-day work, you can focus on a thought leadership program where you hone your leadership reputation in the press and among your audience as an expert in your industry. You can offer your knowledge and expertise on many issues affecting your target audience. Position yourself as the thought leader in this area, helping to elevate your company’s brand image among those you are trying to sell your products or services.
Recognize that sales often go through cycles where you will be busier than other times of the year. Look for those patterns of stagnation in sales to implement these strategies or even start now when sales are still brisk in order to raise the bar on revenue. After all, any time is a good time to increase sales.
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